I have reinstalled wordpress and the theme and still not working!
I have been doing some research into it as well and it seems that because the lite version doesn’t have the option of the color picker it is still trying to find the .js file for it. I think a patch needs to be made that checks whether or not the file is there, and if not just don’t display it. Cause at the moment its trying to find it and it cant and runs into the Uncaught TypeError. That’s my though on it anyway.
Cheers